Real estate market is not off to a red hot 2023 start

By Brian Preston

Still on the downturn to start January 2023. January saw 197 closed transactions. 66 fewer than last year for a decline of 25 percent.

Pending contracts are also down with 476 for this month, 273 fewer than last year, so they are down 36 percent. And active listings are at 694, up 435 from this time last year for an increase of 168 percent. Now the active listings is based on the lowest inventory month in 24 years with only 259 active listings last January.

The average sales price for January though was higher than any month last month with an average price of $439,036.

The absorption rates for all price ranges are under five months. Lower price ranges are still in days

So we are starting the year off down again and will see another down year but the news this year will be to watch the sales prices. Also the has changed status on new homes and will have to watch how it goes for getting new home information. I hope it works out but will keep you posted.

(Editor’s Note; Brian Preston is an Edmond Realtor who closely follows the Edmond home market and reports on it each month in a report called the Preston Report.)

Edmond Realtor & new office

The Oklahoma Association of Realtors recently announced its 2023 slate of Officers and Directors from across the state. Edmond Realtor Jilian Gardner has been elected to serve on the executive committee as District 5 vice president. There are an estimated 14,000 Realtors in Oklahoma.

prior month. While the U.S. Bureau of Labor Statistics is not expected to report the state January unemployment rates until next week, Oklahoma’s employment numbers are expected to continue to show strength. In December, the rate was 3.4 percent.

Regional economic trends have turned positive. The Creighton University Mid-America Business Conditions Index for the nine-state region reached its highest level since last July, after three straight months below growth neutral. The Oklahoma component of the index rose to 54.9 in February –a sharp increase from 43.3 in the previous month.